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Loans are almost unavoidable in adult life, but can be the result of needing something exciting — like to finance a new car or pay for your next family vacation. FedEx is likely not the first name that comes to mind when you think about loans, but you may find what you need with the credit union borne of the shipping company.

The FedEx Employees Credit Association (FECA) has a variety of products that ranges from checking and savings accounts all the way to investing products. Amid those offerings is an exceptionally thorough selection of loans, including auto, home equity, personal loans and more.

These loans are only extended to FedEx employees, retirees, family members and household members, however.

What types of loans does FedEx Employees Credit Association offer?

A host of loans for different needs are available through FECA.

Personal loans

A personal loan can be used on any legitimate purchase through a line of credit, signature loan, 12-12-12 specialty loan and freedom loan.

Leisure vehicle loans

A leisure vehicle loan is also a secured loan, but it is instead intended for RVs, planes, boats and motorcycles.

APRs. Start at 7.29% for a loan term up to 60 months.

Terms. From two to five years.

Home equity lines of credit

A home equity line of credit is a type of financing that’s secured by the equity built up in your home. With a line of credit, you can draw on the amount as you need it once you’ve paid off part or all of what you originally borrowed.

APRs. From Prime + 0% to Prime + 1%.

Terms. Up to 15 years.

Home equity loans

Home equity loans are similar to home equity lines of credit in that they’re secured by the equity you’ve built up in your home. The difference is you get a one-time lump sum rather than a line of credit.

APRs. From 3.25% to 5.25%.

Terms. Up to 15 years.

Land loans

A land loan can be used to purchase land for any legitimate use.

APRs. 7.25%.

Terms. 10 years.

Lot loans

Lot loans are shorter term financing for purchasing a section of land to build a house. The underwriting criteria is different from that of a land loan.

Full-service suite of other products. Checking, savings and investing products are also available to members.

Where does FedEx fall short?

Membership requirement. As with all credit unions, you must meet certain criteria to join. In the case of FECA, you’re required to be a FedEx employee, retiree, family member or qualified household member to join.

Not fully transparent about rates and fees. Potential fees aren’t readily available for borrowers before applying. Maximum APR limits are also not provided on the site.

How much will it cost me to borrow with FedEx Employees Credit Association?

APRs are subject to change, and approval doesn’t necessarily mean you’ll get the lowest rate. Underwriting criteria, how much you’re borrowing, your loan term and what you’re borrowing the funds for all affect how much you’ll end up paying for the total cost of the loan.

FedEx isn’t upfront about its additional costs, so look out for fees outlined in your loan contract.

Are FedEx Employees Credit Association loans safe?

Yes, loans from FECA are safe. It’s a reputable lender that’s been around since the 1970s. Any information you enter online is protected, and you can even request that certain details not be disclosed to third parties.

What does the Internet say about FedEx Employees Credit Association?

FECA has been accredited by the Better Business Bureau (BBB) since late 2011. It’s rated A+ by the organization, but currently only has one review. The review is negative and from June 2017, but it’s since been resolved. Due to the one negative review, the credit association has a BBB composite score of 3.68 out of 5.

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How to apply for a loan with FedEx Employees Credit Association

To apply for a loan with FECA, you’ll first need to become a member, open to only FedEx employees, retirees, family members and household members. You can apply for membership online or download an application and submit it by mail or at a local branch. You’ll need a few pieces of information with your application:

Your Social Security number.

Two forms of ID — one must be government-issued, such as a driver’s license or passport.

$25 to open a savings account.

Once your application for membership is accepted, you can go on to apply for a loan. To do so, go to the FECA website, hover over Loans and click the type of loan you want. Then scroll to the bottom of the page and click Apply Online.

You’ll be directed to sign in to your FECA account, and from there you can fill out your loan request information, review your application and submit it.

Bottom line

FECA offers a range of loans for different needs. Membership requirements can be a big obstacle though, as only FedEx employees, retirees, family members and household members are permitted to apply. Regardless of your eligibility, compare your options with our guide to personal loans to get an idea of what loans are available and which could best fit your financial circumstances.

Frequently asked questions

No. They have been separate entities since the ’90s.

Not for applying. Account applications are still subject to other standards beyond membership eligibility and you may be rejected for other reasons, such as past delinquent accounts or unpaid liens.

Yes. The savings balance represents your share of the credit association so you need to keep a minimum of $25 in your account.

Yes. You’ll still have your loan and your account as long as you keep a $25 balance.

Rhys Subitch is a writer and editor at finder.com who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

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